Metropolitan Real Estate Report

The NAR put out its 4Q release of median sales prices for single-family homes in 200 U.S. cities. There were some signs of a slowdown, but still many areas that continue to look overheated.

The areas that look like they are cooling include:

• Las Vegas: +12.3%; it had been running in the 20s
• Los Angeles: down slightly to +20.7%, but moving in the right direction
• New York: +16%; condo report might be a better read
• San Diego: +6.6%; this area had been red hot, so this is a good sign

Here are the areas that still look overheated, and worrisome:

• Ft. Myers: +48%; I would be a seller in this market
• Miami: +24%; getting a little better, but this does not include condos
• Orlando: +42%; South Florida is on fire
• Phoenix: +48.9%; supply seems to be rising as fast as prices though
• Tucson: +32.3%; spillover effect from Phoenix/Scottsdale

Hopefully, the trends in San Diego and Las Vegas are foreshadowing a soft landing. I am worried about all of the new supply in AZ, having driven through there, and would be worried about S. Florida but I don't know the local markets there very well.

long 1 LA home in the city